Globalstar (NASDAQ:GSAT) Reaches New 1-Year High – Should You Buy?

Shares of Globalstar, Inc. (NASDAQ:GSAT) hit a new 52-week high on Monday . The company traded as high as $84.85 and last traded at $84.6490, with a volume of 443164 shares trading hands. The stock had previously closed at $83.38.

Analyst Ratings Changes

A number of equities analysts have commented on GSAT shares. Clear Str downgraded shares of Globalstar from a “strong-buy” rating to a “hold” rating in a report on Friday, May 15th. Zacks Research upgraded shares of Globalstar from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 7th. Finally, Weiss Ratings raised shares of Globalstar from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 5th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $69.00.

Globalstar Trading Up 1.1%

The company has a 50 day moving average of $80.77 and a two-hundred day moving average of $72.59. The stock has a market capitalization of $10.86 billion, a PE ratio of -562.09 and a beta of 1.55. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.56 and a current ratio of 1.60.

Globalstar (NASDAQ:GSAT) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.14). The business had revenue of $70.06 million during the quarter. Globalstar had a negative net margin of 6.84% and a negative return on equity of 3.75%. Globalstar’s revenue was up 16.7% compared to the same quarter last year. Sell-side analysts predict that Globalstar, Inc. will post -0.38 EPS for the current year.

Insider Activity

In related news, CFO Rebecca Clary sold 920 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $81.75, for a total value of $75,210.00. Following the completion of the transaction, the chief financial officer directly owned 120,278 shares of the company’s stock, valued at $9,832,726.50. This trade represents a 0.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 60.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of GSAT. Sculptor Capital LP acquired a new position in shares of Globalstar in the 1st quarter valued at $15,742,000. LBP AM SA acquired a new stake in Globalstar during the 4th quarter worth about $4,139,000. SG Americas Securities LLC lifted its position in Globalstar by 45.4% during the 4th quarter. SG Americas Securities LLC now owns 28,486 shares of the company’s stock worth $1,739,000 after acquiring an additional 8,897 shares during the period. State of New Jersey Common Pension Fund D purchased a new stake in Globalstar during the 4th quarter valued at about $2,178,000. Finally, UBS Group AG grew its stake in Globalstar by 166.9% during the 4th quarter. UBS Group AG now owns 526,566 shares of the company’s stock valued at $32,142,000 after purchasing an additional 329,270 shares during the last quarter. Institutional investors and hedge funds own 18.89% of the company’s stock.

Globalstar Company Profile

Globalstar, Inc is a leading provider of mobile satellite voice and data communications services. Through a network of low Earth orbit (LEO) satellites, the company delivers reliable satellite connectivity to users in remote or underserved regions where terrestrial networks are unavailable or unreliable. Its product portfolio includes satellite phones, two-way satellite data modems and Internet of Things (IoT) devices designed for tracking, monitoring and emergency notification.

Founded in 1991 as a joint venture between Loral and Qualcomm, Globalstar launched its first fleet of 48 satellites between 1998 and 2000.